NEW YORK, NY – December 2, 2008 – TV Guide Magazine today announced the closing of its acquisition by OpenGate Capital. Under the terms of the agreement, OpenGate Capital acquired the TV Guide Magazine property from Macrovision Solutions Corporation (NASDAQ: MVSN), becoming the new owner of TV Guide Magazine.
“TV Guide Magazine is a celebrated media brand with a robust history of providing the television and entertainment community and the general public with cutting-edge, rich content and industry news” said Andrew Nikou, Founder and Managing Partner of OpenGate Capital. “We look forward to working with the company’s management and editorial divisions to grow the brand in new and innovative ways.”
OpenGate has acquired TV Guide Magazine at an important moment in the company’s continued expansion. With the launch of TVGuideMagazine.com slated for early 2009, the company is poised to capture new markets and expand its reach to new audiences.
Nikou added, “Under the leadership of Editor-in-Chief Debra Birnbaum and the talented editorial team, TV Guide Magazine will continue to serve as the definitive source for television and entertainment news. We are eager to take advantage of the many opportunities created by the constantly evolving media and entertainment industries.”
About TV Guide Magazine
TV Guide Magazine is one of the most popular weekly magazines in the country with more than 20 million weekly readers. From behind-the-scenes looks at broadcast, cable, and syndicated shows and their stars and characters; to sneak peeks at television’s most intriguing plotlines, TV Guide Magazine has every corner of the television medium covered. TV Guide Magazine is the premier source for entertainment news, guidance, and information about America’s most popular leisure time activity.
About OpenGate Capital
OpenGate Capital is an opportunistic private equity firm that acquires controlling interests in businesses with solid fundamentals which exhibit opportunities for operational improvements and growth. Established in 2005, OpenGate Capital has a global footprint with headquarters in Beverly Hills, California and a principal office in Paris, France. OpenGate is served by a seasoned team of M&A and operating professionals that bring the skills needed to acquire, operate and build successful companies. The partners of OpenGate have executed over 50 transactions worldwide ranging from corporate divestitures, turnaround acquisitions, industry consolidations and other special situations investments across a wide array of industries and geographical markets.
For more information on OpenGate Capital, please visit our website at www.opengatecapital.com.
Source: OpenGate Capital
OpenGate Business Development Contact:
Dionisio Lucchesi
Vice President
+1-310-432-7000